On January 1, 2019, Kelley became a 10 percent partner of the Realty Partnership upon contributing land he had held as an investment for five years. The basis of the land to Kelley was $200,000, but its fair market value at the time of the contribution was only $100,000. Assume that after much advertising, Realty Partnership was able to sell the property for $120,000 on December 31, 2019. How much, if any, loss is recognized by Realty Partnership on the sale and what is its character? Would your answer be different if the sale took place on January 2, 2024?